The North Dakota Department of Commerce announced today that the Innovation Technology Loan Fund (LIFT) Committee awarded a total of $750,000 to two companies for the month of February.
“The LIFT Committee continues to meet monthly to review applications and award funding,” Commerce Head of Investments and Innovation Shayden Akason said. “The innovation loan fund currently has $8.1 million remaining to be awarded this biennium. Eligible companies may apply at business.nd.gov/lift/.”
February LIFT recipients include:
Airial Robotics, an unmanned aerial systems (UAS) company based in Germany, was awarded $500,000 to design and manufacture equipment to fly faster, longer, further and carry more payload. The total amount awarded is contingent. Funds will be incrementally released as the company hires North Dakota-based employees.
Tailorie, Inc., a Grand Forks company that developed a social discovery platform connecting consumers with brands relevant to what’s important to the consumer, was awarded $250,000. The company will use funds to increase team size and onboard customers to the app.
Commerce works with the Bank of North Dakota to manage and administer the loan fund.
For more information, please visit business.nd.gov/lift/